Republic of the Philippines

Department of Education
Caraga Region
SCHOOLS DIVISION OF SURIGAO DEL SUR

General Mathematics – 2nd Quarter – Summative Test 3

I. Multiple Choice. Choose the letter of the correct answer. (1 point each)
1. A sequence of payments made at equal time period is a/an ___________?
a. Annuity c. Ordinary Annuity
b. General Annuity d. Simple Annuity
2. A simple annuity in which the payments are made at the end of each period is
a/an_________?
a. Annuity c. Ordinary Annuity
b. General Annuity d. Simple Annuity
3. An annuity in which the payment interval is not the same as the interest period is
a/an _________?
a. Annuity c. Ordinary Annuity
b. General Annuity d. Simple Annuity
4. An annuity in which the payment interval is the same as the interest period is a/an
_________?
a. Annuity c. Ordinary Annuity
b. General Annuity d. Simple Annuity
5. An annuity in which payments begin and end at definite times is a/an _________?
a. Annuity Immediate c. Annuity Later
b. Annuity Certain d. Annuity Not Certain
II. Solving. (2 points each)
A. Solve for the Future Value (F) and Present Value (P) of a Simple Annuity.
1. Semi-annual payments of P8,000 for 12 years with interest rate of 12% compounded semi-
annually.
2. Daily payments of P50 for 30 days with interest rate of 20% compounded daily.
B. Solve for the periodic payment (R).
3. How much should be invested in a fund each year paying 2% compounded annually to
accumulate P100,000 in 5 years?
4. A P50,000 loan is payable in 3 years. To repay the loan, the debtor must pay an amount every
6 months with an interest rate of 6% compounded semi-annually. How much should he pay
every 6 months?
C. Solve for what is asked.
5. The buyer of a car pays P169,000 cash and P12,000 every month for 5 years. If money is 10%
compounded monthly, how much is the cash price of the car?

P406,524.60 P100,402.90 P1,511.98 P1,487.33 P19,215.84 P9,229.88 P733,784.43